Overview
- Russia extended a gasoline export ban through year-end and imposed a partial diesel export ban that also covers marine fuel and other gas oils.
- Analytics firm Ciala estimated nearly 38% of Russian refining capacity offline at September’s end, driving shortages, long queues and rationing in more than 20 regions, including a 30‑liter cap in Crimea.
- Despite refinery outages, September crude loadings from Primorsk, Ust-Luga and Novorossiisk rose about 25% from August, and four-week seaborne exports averaged roughly 3.62 million bpd, the highest since May 2024.
- India imported about 1.61 million bpd of Russian crude in September—around one-third of its total—slightly below August as refiners diversify sources but keep discounted Urals central to their slate.
- Oil traded near the mid‑$60s after the EIA reported a 1.8 million-barrel U.S. crude build, while markets track OPEC+ plans for a November quota increase that some analysts expect to be limited.